Today, as media companies are expanding at a rapid rate, they are broadly focusing on offering streaming subscription services to global audiences. Reason?
Earlier, the industry used subscriptions in various forms for a long time, it has traditionally relied on advertising for its core revenue. However, the shift to digitally enabled, multiscreen OTT video subscriptions has been a game changer for the media sector. As the industry extends, the average revenue potential for a subscription business expands too. Here, with the help of OTT subscription management software for OTT platforms, companies started monetizing and enhancing their revenue streams. The blog shed light on the aspects of subscription management and why it is a must-have for your streaming business. Let’s dive in!
An OTT video subscription model is a win-win strategy for both customers and the media sector. The providers have direct insight into viewer’s usage patterns and can tailor offerings based on real usage metrics. Moreover, as long as they continue to meet their customer’s needs, they will continue to earn more predictable recurring revenue.
As you prepare to transition to this new business model, several questions will pop up such as:
- What is the best way to manage subscriptions and billing?
- How do I reduce the number of failed transactions?
- How do I reduce churn rate?
- What are the metrics I need to grow for my OTT subscription-based business?
Today, the number of subscribers and resulting revenue are the major foundation upon which OTT platforms either scale up or have a downfall. This is where the OTT subscription management software role comes into play. With a complete subscription management platform, it will be easier to extract value from your online subscription tools.
OTT Subscription Management: An Intro
OTT Subscription management software automates all the activities connected with your subscription services and facilitates the handling of your subscribers’ data for your video streaming platforms. Besides, it monitors the recurring revenue generated by your business.
It can be an external software functioning independently of your payment gateway or an essential part of your payment gateway accessed through API and online dashboard.
Now, have a look at recent statistics which highlight that subscription offerings for OTT businesses are set to be a major source of revenue for media companies.
According to Digital TV Research, revenue from global subscription video-on-demand (SVOD) will surpass $126 billion by 2026.
The numbers reveal that OTT subscription and billing management is a contributing factors to succeed in the modern global markets. Moreover, it highlights the need for a robust and reliable subscription management platform as well.
Top Features of a Subscription Management Software
Explore the features that make a subscription management software product stand out.
Ease of Integration:
Top-notch subscription manager is easy to integrate within an existing payment gateway(s), a streaming platform solution, and financial systems.
The best way to ensure maximum conversions is to offer a wide variety of payment methods. If a customer gets all the way through the buying process and is ready to commit to a subscription billing plan, there has to be the availability of a preferred payment method.
Secure Data Storage:
One of the prime features is that subscription manager will store all of the sensitive customer data entered, including payment information. This information must be secure, or it’s unlikely that the subscription billing option will be popular with customers.
While customer convenience is important, it’s also essential to choose a software product that will streamline your operations. When you and your staff aren’t wasting time dealing with invoicing and payment processing, it gives time to grow your business as well as potentially expand your product line.
Overall, we cannot deny the fact that now with a unified solution for setting up new subscriptions, managing customers’ existing subscriptions, and helping your business thrive. So why not start looking for suitable software today?
If you are looking for such a subscription management solution for your OTT Platform, consider choosing Enveu’s subscription manager! A robust platform to manage all video monetization and billing for your media entertainment ecosystem. Send us an email at firstname.lastname@example.org for more information.